Treasury Secretary Janet Yellen's remarks come after a series of troubling bank developments this month.
The Justice Department and the Securities and Exchange Commission have launched investigations into the Silicon Valley Bank collapse, and President Joe Biden hasto strengthen rules on regional banks and to impose tougher penalties on executives of failed banks.
“Similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” she said. last week and offered upbeat reassurances to rattled bank depositors and investors that the U.S. banking system “remains sound” and Americans “can feel confident” about the safety of their deposits.
“Let me be clear: The government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors’ savings and the banking system remain safe,” she said.
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